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Market Wrap - August 2016

Market Wrap - August 2016

30 September 2016

I would like to say welcome to Spring – the best time of year in Canberra!  Unfortunately, record rainfall has made the city a little depressing.

Whilst the weather has been poor the sales market has been very strong. 

We have had large numbers through all our open inspections especially established houses.  We have also witnessed an increase in apartment sales compared to this time last year.

The rental market has remained steady and we are hoping for a big Summer Season with the majority of immigration to Canberra occurring from December onwards.

Below are the latest statistics for your perusal.  Like always if you want to catch up about the current market or discuss any of your property requirements, feel free to give us a call.

Let’s hope the weather improves during October.

 

 

 

SALES

 

QUICKEST SELLING SUBURBS

Houses

  1. Hackett, 14.1 days
  2. Palmerston, 19 days
  3. Downer, 19.2 days
  4. Royalla, 20 days
  5. Page, 21.6 days
  6. Dickson, 22 days
  7. Isaacs, 23.3 days
  8. Red Hill, 24.2 days
  9. Yarralumla, 24.2 days
  10. Rivett, 24.3 days

Townhouses/Apartments

  1. Forde, 16.7 days
  2. Flynn, 21.5 days
  3. Ainslie, 23.3 days
  4. Holder, 28.3 days
  5. Nicholls, 31.2 days
  6. Fadden, 34 days
  7. Hawker, 34.1 days
  8. Amaroo, 35.5 days
  9. Ngunnawal 36.3 days
  10. Downer, 41.3 days

 

MEDIAN HOUSE PRICE FOR AUGUST 2016

Property Type

Median

All

$529,000

Houses

$598,725

Townhouses

$428,000

Apartments/Units

$360,000

*Median price is based on sales over the quarter. Trends are based on the moving median price change.

 

DAYS ON MARKET

District

All Houses

All Townhouse/Apartments

Belconnen

46.6

144.9

Greater Queanbeyan

110.2

128.4

Gungahlin

63.1

83.3

Molonglo Valley

137

75.1

North Canberra

31.1

90.8

South Canberra

48.2

128.4

Tuggeranong

61.6

112.3

Weston Creek

36.1

28.3

Woden Valley

56.7

153.4

 

TOP 5 AFFORDABLE SUBURBS

Houses

Townhouses/Apartments

  1. Queanbeyan West, 6.6
  1. Hackett, 2.6
  1. Gordon, 6.7
  1. Scullin, 3.0
  1. Banks, 6.8
  1. Hughes, 3.6
  1. Ngunnawal, 7.0
  1. Crestwood, 3.6
  1. Queanbeyan East, 7.1
  1. Mawson, 4.1

* Property affordability is calculated by comparing average salary to median price, inclusive of all residential sales including ACT Governments land rent scheme.

 

RENTALS

 

 REGIONS - AVERAGE DAYS ON MARKET

District

Houses

Townhouses & Apartments

Belconnen

24.4

27

Greater Queanbeyan

40.1

23.7

Gungahlin

23.1

21

North Canberra

28.4

25.2

South Canberra

38.2

30.7

Tuggeranong

23.3

27.6

Weston Creek

30.7

31.2

Woden Valley

27.5

26.5

 

1231 residential properties rented

  • Annual decrease of -3.5%
  • Quarterly decrease of – 11.1%
  • Monthly increase of +3.7%

ACT and Queanbeyan median rent was $430

  • Annual increase of +7.5%
  • Monthly increase of +2.4%

1129 newly listed residential properties

  • Annual decrease of -2.6%
  • Quarterly decrease of -12.7%
  • Monthly increase of +1.3%

On average a property spent 26.7 days on the market (time listed to rented)

  • Annual decrease of -28%
  • Monthly decrease of -1.7%

Comparing the demand during the Aug-15 quarter to the Aug-16 quarter

  • Rental prices made strong gains across the month forcing tenants to a higher price point
  • The proportion of tenants leasing property priced below $400 a week has declined across the year
  • The highest proportion of tenants leased properties at a higher price point of between $400 and $500 a week during the August 2016 quarter.

 

DATE SOURCE:  Allhomes.com.au